Citigroup Global Markets Inc.

November 9, 2012

Introduction to Citis Capital Markets Platform

Strictly Private and Confidential

Table of Contents
1. Capital Markets Overview 2. Commercial Paper 3. What qualities are we looking for? 4. Keys to Success 5. Interview Skills 6. Overview of Citi 1 6 12 14 17 24

1. Capital Markets Overview

Global Banking Overview & Structure

Our Approach to Global Banking We provide strategic and financial advisory services including acquisitions, mergers, divestitures, financial restructurings, loans, foreign exchange, cash management, underwriting and distributing equity, and debt and derivative services Strong global client franchise including unique exposure to emerging markets Over 70 banking clients transact with us in more than 50 countries Unparalleled global footprint; well established in Asia, LatAm and CEEMEA Maintain focus on Risk-adjusted profitability and execution discipline Global and emerging multinational core clients Investing in talent and technology
Banking Services
Advisory

Citi Holdings

Citicorp

Institutional Clients Group Transaction Services Treasury and Trade Solutions Securities & Fund Services Securities & Banking Banking Markets Private Bank

Banking Functions Origination Building and maintaining relationships with clients Clients include corporations, financial institutions, private equity clients, and governments

Acquisitions

Takeover Defense Financing

Sale of Company

Execution Execution of deals on which Citi has been mandated

Equity Offerings

Converts, Preferred, Derivatives Markets & Transaction Services

Making Loans

Derivatives

Securities & Fund Services

Treasury & Trade Solutions

Capital Markets Overview

What is Sales & Trading?

Citi provides Sales and Trading services to clients around the world. Our sales force provides a critical link between the firm's customers and the marketplace. These professionals identify clients' needs and leverage the Firms resources to meet these needs. Our traders facilitate customers activities, provide liquidity and make markets for securities around the globe. Successful salespeople and traders are prudent decision makers with an aptitude for numbersthey must possess sound market knowledge, discipline, good judgment and intuitive ability to recognize market trends and learn from experience.

Who are the players? Buy-Side, Sell-Side Who are Institutional clients? Mutual Funds, Pension Funds, Hedge Funds, State Funds, Insurance Companies What is the Sales & Trading environment like? Dynamic, Ever Changing, Energetic, Meritocracy

Capital Markets Overview

Citis Products
Equity Products Cash Equities Derivatives Convertible Bonds Prime Brokerage Fixed Income Products Credit Products (Short & Long-Term) Asset- and Mortgage-Backed Securities Sovereign Debt Products Corporate Debt Products Derivatives Foreign Exchange Municipal Bonds

Capital Markets Overview

What Do the Capital Markets Origination Businesses Do?

Facilitate Clients Who Want to Invest or Lend Money to Those Who Need It
Who has $?
Banks Insurance Pension Funds Money Managers Mutual Funds Individuals Who needs $? U.S. Government Other Governments U.S. Agencies

Industrials/Utilities Financial Companies Internet Start-Ups

Capital Markets Overview

Citis Capital Market Products

Equity Capital Markets
Equity Origination Sub-groups organized by the issuers sector/industry

Fixed Income Capital Markets

Client Coverage/ Origination Groups Financial Institutions Fixed Income Capital Markets Financial Institutions Solutions Group Latin Debt Capital Markets Industrial Fixed Income Capital Markets Asset Based Finance Group Asset Finance Group Citigroup Counterparty Risk Group Global Fixed Income New Products Global Loans Capital Markets Global Securitized Products (Asset Backed Finance/Student Loan Finance) Global Structured Credit Derivatives Global Structured Credit Products (Syndicate/Trading) Global Structured Solutions Illiquid Trading Leveraged Finance Liability Management Money Markets Origination Mortgage Finance NA Derivatives Solutions Real Estate Finance Seasoned Home Loan Equity

Product Groups Initial Public Offerings Follow-on Offerings Block Trades Equity-Linked Securities

Product Groups

Institutional Marketing

Execution team focused on marketing offerings to investors

Capital Markets Overview

2. Commercial Paper

Overview of Commercial Paper

The U.S. commercial paper (USCP) market has approximately $1.0 trillion in outstandings split between three main sectors: asset-backed, bank/financial and non-financial commercial paper.

What is Commercial Paper (CP)?

Promissory note with a fixed maturity of 397 days (13 months) or less Issued by high quality banks, corporations and assetbacked commercial paper issuers (conduits) that typically are rated no lower than A-2/P-2 (BBB/Baa2) Average tenor of the CP market is between 30 and 60 days Deep source of liquidity for issuers with tight bid / ask spreads and large ticket sizes ($50 million to $500 million) CP is normally sold at a discount from the face value specified on the note; the discount represents the interest component to be paid to investors at maturity CP is exempt from SEC registration requirements under the Securities Act of 1933

Characteristics of CP
Standard documentation Continuous offering process whereby the borrower is constantly issuing paper to pay off or refund maturing paper Unlike bank borrowing facilities, a CP program allows an issuer to issue CP with a call to its dealer during the morning of the day it needs the funds CP settles in same day funds and is paid at maturity in same day funds At maturity, CP can be repaid with the issuance of new CP (rolled), paid-off completely or replaced with permanent financing (e.g., long-term debt) Wide range of financing applications, including: working capital financing, receivables funding, acquisition funding and bridge financing

Commercial Paper

Commercial Paper Considerations

CP provides issuers with a cost effective, flexible capital markets funding tool.

Cost Efficiency Flexibility

On a comparative basis, CP is one of the most cost efficient, short-term taxable financing vehicles available CP offers a highly flexible form of financing by allowing issuers to structure the issuance and maturity dates of its program to meet specific cash flow needs as well as investor preferences. CP can be used as a form of prepayable debt and is an alternative to floating rate debt Documentation for a program is relatively simple and standardized, and the associated implementation costs are minimal Once a program is up and running, ongoing administration should require relatively minimal time for one or two people CP is an enormously flexible financing tool with a broad variety of applications for issuers, including: Working capital financing Receivables financing Acquisition funding Share repurchases Bridge financing

Structural Simplicity Administrative Ease Financing Versatility

Ratings Driven Bank Capacity Currency

Quality and ease of execution is directly related to the stability of an issuer s ratings. Ratings deterioration can be disruptive to market access Issuers are required by rating agencies to maintain a liquidity backstop for any CP notes outstanding. Committed banklines are traditionally used to back-stop CP programs USCP market is U.S. dollar denominated only, while ECP is a multi-currency market

Commercial Paper

Overview of Commercial Paper Organization

Citis Money Market franchise is a global business with trading desks in New York, London and Hong Kong The U.S. CP business is comprised of six origination professionals, one marketing professional, six traders and nine taxable institutional salespeople located in New York, Boston, and San Francisco Euro Commercial Paper trading and sales teams are located in London and Hong Kong

Origination The CP origination team works closely with Citis global corporate bank and debt capital markets to provide a comprehensive range of funding products and ongoing strategic advice to issuer clients Our global origination team is managed as a single unit allowing issuers to benefit from a coordinated approach and consistent execution across the USCP and ECP markets

U.S. Trading Trading is responsible for managing risk, including allocation of capital (i.e., balance sheet) among Citis issuer clients Issuers are assigned an experienced trader responsible for covering daily execution needs and providing market color to our clients

U.S. Short-Term Taxable Sales Citis sales network leverages institutional investors to provide issuers access to diverse pools of short-term liquidity from the largest and most well-known money market investors Citis middle market sales platform in the U.S. provides issuers with access to a unique group of investors that is complementary to traditional institutional investors covered by short-term, tax-exempt and generalist sales

Investor Marketing Investor marketing complements the various salesforces by developing relationships with institutional and middle market investors successful marketing improves the effectiveness of traditional sales relationships Citis investor marketing function is responsible for hosting issuer and investor meetings as well as arranging roadshows for issuers who are interested in building direct relationships with money market investors

Commercial Paper

Bringing Issuers and Investors Together

Citi is a dealer for some of the best-known brand names. We leverage our distribution capabilities with investors bringing short-term funding to our issuers.

Commercial Paper

Who Buys U.S. Commercial Paper?

CP is purchased by a broad group of investors including 2a-7 Money Funds, money managers, corporate treasuries, banks, municipalities and insurance companies among others. Sample USCP Investor Breakdown
Insurance Sec Lenders Companies 4% 4% Banks Corporations 20% 4%
Billions ($)

USCP Outstandings vs. Money Fund Holdings

3,500 3,000 2,500 2,000 1,500 1,000 500

Munis 11%

Investment Companies 57%

Source: Citi

0 Dec-01

Sep-03

Jul-05

May-07
USCP Outstandings

Mar-09
Money Fund Assets

Jan-11

Nov-12

Source: iMoneyNet and Federal Reserve

2a-7 money funds are the largest and most important investors in the USCP space Money Funds are regulated mutual funds that are required to invest in low risk securities such as government and agency securities, repurchase agreements and CP

In January 2010, the SEC voted to adopt new rules intended to strengthen the framework for money funds. The new rules became effective May 2010 and were phased in during the second half of 2010

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Commercial Paper

Historical USCP Pricing

1-Month Commercial Paper Spreads (All-in)
650 550 450 350 250 150 50 -50 -150 -250 -350 Jan-01
Favorable market conditions from 2004 until mid-2007 fostered a high volume of activity and brought about peak outstandings in the commercial paper market Commercial paper spreads have been largely range bound since 2010 despite volatility among certain European regions/credits
Oct 2007: Cheyne & Rhinebridge default on maturing CP bringing volatility to the U.S. commercial paper market Sep 2008: Unprecedented spreads in the U.S. commercial paper market when Lehman Brothers filed for bankruptcy, U.S. government seized AIG and the Reserve Fund broke the buck

2001: The California energy crisis, September 11, 2001 and the Enron default

Spread (bps)

Jan-02

Jan-03

Jan-04

Jan-05
AA NF

Jan-06
A2/P2 NF

Jan-07
AA Fin

Jan-08
AA ABCP

Jan-09

Jan-10

Jan-11

Jan-12

Source: Federal Reserve, as of 10/31/12

Yearly Average Spreads

Date 2001 2002 2003 2004 2005 2006 AA NF -4.22 -4.47 -4.80 -6.55 -8.03 -5.65 A-2/P-2 NF 41.19 29.33 13.83 8.18 11.51 10.60 AA Fin -2.34 -3.62 -3.49 -4.41 -4.72 -2.24 AA ABCP 3.74 1.92 0.10 -0.64 -0.54 1.90 Date 2007 2008 2009 2010 2011 YTD 2012 AA NF -15.52 -64.39 -10.38 -3.86 -5.91 -6.36 A-2/P-2 NF 21.04 119.34 48.11 13.44 19.04 26.10 AA Fin -10.54 -23.13 -2.09 -2.04 -5.58 -7.24 AA ABCP 17.69 21.07 14.03 7.81 8.75 8.33

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Commercial Paper

3. What qualities are we looking for?

ICG Competencies & Requirements

Intellectual Analytical Technical Quantitative Problem Solving Business Knowledge Interpersonal Leadership Teamwork Professionalism Intellectually curious Strong modeling, accuracy Strong technical skills Resourceful, navigates firm

Positive attitude Team player Strong networks, Relationship building Strong skills, written and oral

Presence/Confidence Communication Skills

Motivation Implementation/Execution

Strong work ethic, diligent, reliable, takes initiative, self starter

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What qualities are we looking for?

Analyst & Associate Performance Reviews

Themes Low Performers Lack of attention to detail

Doesnt understand larger picture

Needs to be more proactive (i.e. strategic thinking, accountability) Improve industry/product knowledge

Poor time/project management skills, unreliable

Lacks professional maturity (i.e. political awareness, assertiveness/confidence)

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What qualities are we looking for?

4. Keys to Success

Develop the Whole Package

Be the best athlete play any position Move horizonal vs. vertical

Work ethic and attitude are infectious

Know how you are perceived Listen more Study what you dont know Dont cut corners Have confidence Attack your weakness

Sign-up for the hardest jobs

Learn to speak publicly Execute

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Keys to Success

Invest in Integrity
Do mistake-free work Develop strong relationships

Where does your moral compass point?

Always escalate Integrity is earned

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Keys to Success

Build Your Network

Actively invest in your relationships Be genuine

Help your classmates, friends

Dont abuse your power Dont be a jerk Sponsorship is essential Be a good listener

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Keys to Success

5. Interview Skills

Pre-Interview: the phone calls

Remember every contact is an interview Use proper phone etiquette; be courteous Answer your personal phone in a business voice always Ensure you are in a quiet location for phone screens Be prepared; stay on your game at all times Get all necessary details; keep pen and paper by the phone Let others who share the phone know you may get a call

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Interview Skills

Interviewing: three Cs that are good for your career

Content You must show that you really have the experience and skills listed on your resume Clarity

Company wants to understand your goals/values

Character You need to show how you exceed the qualifications Exude confidence and commitment When youre prepared, youre more confident. When you have a strategy, youre more comfortable.

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Interview Skills

Content
Be prepared. Bring 5-10 copies of your resume Research company and position Talk to people you may know from the company

Know your resume

Be truthful on your resume Practice discussing your resume Be ready to respond to questions that might be awkward or difficult to answer Arrive early to all phases of the interview process

Hint: First impressions are lasting start off on a positive note.

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Interview Skills

Clarity
Be prepared for multiple questions on the same topic; particularly in panel interviews Stop and ask the interviewer to clarify a question Be consistent with answers Tell the truth dont fake your way through the interview Be specific regarding your role and responsibilities. Dont embellish! Answer the question that is asked of you confidently! Have a goal of information you want conveyed

Hint: PAUSE THINK RESPOND

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Interview Skills

Character
Be positive Be confident, but not arrogant Dress appropriately

Present yourself professionally

Promptly respond to all requests for information Ask for the job! Show an interest in the company AND the job Show knowledge of the company and the specific job for which you are interviewing

Hint: Tough balancing act show energy not ego.

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Interview Skills

Non-verbal Communication
Greet interviewer with a confident handshake and a smile Maintain eye contact ... your shoes do not need any attention! Watch your body language; watch informal settings such as dinners or teaming events Be an active listener ... ask well informed follow-up questions to an interviewers comments. Dont fear silence during the interview. A pause does not mean you need to talk.

Hint: You are being judged on several nonverbal factors.

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Interview Skills

Post-Interview
Reaffirm interest Ask for the job/opportunity!

Ask - what are the next steps in the process?

Remember you are still on an interview until you leave the company premises/transportation Follow up quickly on any additional data requests or application information within 24 hours! Send a timely thank you to interviewer (e.g. email, handwritten note, formal letter) within 24 hours!

Perseverance is the hard work you do after you get tired of doing the hard work you already did.

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Interview Skills

6. Overview of Citi

Why Citi?
Citis Globality & Brand Our people share our global outlook, cultivating partnerships and making meaningful connections where ever they are in the world. Its that creativity, vision and entrepreneurial spirit that has shaped our 200-year history, shaped outstanding careers, and will shape the future of banking.

Citis Culture & People

Citi is a place where the best succeed, where opportunities for advancement are open to all, where individual talent is valued and where the courage to always do whats right is the hallmark of our success. Citis Development Opportunities Learning is a journey that doesnt stop at graduation. At Citi, education is on-going ensuring were always challenging, stretching and developing ourselves both professionally and personally.

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Overview of Citi

Summer Internship Recruiting Process

Candidates must apply via their school Career Center AND Citis online campus website https://www.oncampus.citi.com/ Application deadline: 11:59 PM on Sunday, January 6th

1st round interviews:

Will be conducted by phone or in our offices Final round interviews (Super days):

Take place in NY (388/390)

Super Days will take place end of January-End of February Offers are extended by the Recruiting team and GCM School Team members Offer deadlines are determined by each of the candidates school Career Center

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Overview of Citi

IRS Circular 230 Disclosure: Citigroup Inc. and its affiliates do not provide tax or legal advice. Any discussion of tax matters in these materials (i) is not intended or written to be used, and cannot be used or relied upon, by you for the purpose of avoiding any tax penalties and (ii) may have been written in connection with the "promotion or marketing" of any transaction contemplated hereby ("Transaction"). Accordingly, you should seek advice based on your particular circumstances from an independent tax advisor. Any terms set forth herein are intended for discussion purposes only and are subject to the final terms as set forth in separate definitive written agreements. This presentation is not a commitment to lend, syndicate a financing, underwrite or purchase securities, or commit capital nor does it obligate us to enter into such a commitment, nor are we acting as a fiduciary to you. By accepting this presentation, subject to applicable law or regulation, you agree to keep confidential the information contained herein and the existence of and proposed terms for any Transaction. Prior to entering into any Transaction, you should determine, without reliance upon us or our affiliates, the economic risks and merits (and independently determine that you are able to assume these risks) as well as the legal, tax and accounting characterizations and consequences of any such Transaction. In this regard, by accepting this presentation, you acknowledge that (a) we are not in the business of providing (and you are not relying on us for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any Transaction, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) you should apprise senior management in your organization as to such legal, tax and accounting advice (and any risks associated with any Transaction) and our disclaimer as to these matters. By acceptance of these materials, you and we hereby agree that from the commencement of discussions with respect to any Transaction, and notwithstanding any other provision in this presentation, we hereby confirm that no participant in any Transaction shall be limited from disclosing the U.S. tax treatment or U.S. tax structure of such Transaction. We are required to obtain, verify and record certain information that identifies each entity that enters into a formal business relationship with us. We will ask for your complete name, street address, and taxpayer ID number. We may also request corporate formation documents, or other forms of identification, to verify information provided. Any prices or levels contained herein are preliminary and indicative only and do not represent bids or offers. These indications are provided solely for your information and consideration, are subject to change at any time without notice and are not intended as a solicitation with respect to the purchase or sale of any instrument. The information contained in this presentation may include results of analyses from a quantitative model which represent potential future events that may or may not be realized, and is not a complete analysis of every material fact representing any product. Any estimates included herein constitute our judgment as of the date hereof and are subject to change without any notice. We and/or our affiliates may make a market in these instruments for our customers and for our own account. Accordingly, we may have a position in any such instrument at any time. Although this material may contain publicly available information about Citi corporate bond research, fixed income strategy or economic and market analysis, Citi policy (i) prohibits employees from offering, directly or indirectly, a favorable or negative research opinion or offering to change an opinion as consideration or inducement for the receipt of business or for compensation; and (ii) prohibits analysts from being compensated for specific recommendations or views contained in research reports. So as to reduce the potential for conflicts of interest, as well as to reduce any appearance of conflicts of interest, Citi has enacted policies and procedures designed to limit communications between its investment banking and research personnel to specifically prescribed circumstances.

2012 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Citi believes that sustainability is good business practice. We work closely with our clients, peer financial institutions, NGOs and other partners to finance solutions to climate change, develop industry standards, reduce our own environmental footprint, and engage with stakeholders to advance shared learning and solutions. Highlights of Citis unique role in promoting sustainability include: (a) releasing in 2007 a Climate Change Position Statement, the first US financial institution to do so; (b) targeting $50 billion over 10 years to address global climate change: includes significant increases in investment and financing of renewable energy, clean technology, and other carbon-emission reduction activities; (c) committing to an absolute reduction in GHG emissions of all Citi owned and leased properties around the world by 10% by 2011; (d) purchasing more than 234,000 MWh of carbon neutral power for our operations over the last three years; (e) establishing in 2008 the Carbon Principles; a framework for banks and their U.S. power clients to evaluate and address carbon risks in the financing of electric power projects; (f) producing equity research related to climate issues that helps to inform investors on risks and opportunities associated with the issue; and (g) engaging with a broad range of stakeholders on the issue of climate change to help advance understanding and solutions.
Citi works with its clients in greenhouse gas intensive industries to evaluate emerging risks from climate change and, where appropriate, to mitigate those risks.

efficiency, renewable energy and mitigation

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Overview of Citi